Odisha chit fund scam: CBI arrests Zodiac employee

Sambad English Bureau Published On : May 8, 2015 at 7:51 PM Updated On : May 8, 2015 at 8:02 PM

Reported by Santosh Jagdev
Bhubaneswar, May 8:

The Central Bureau of Investigation (CBI) today arrested Dandapani Sethi on charges of involvement in the multi-crore Odisha chit fund scam.

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Dandapani is an employee of Zodiac Foundation, which had allegedly collected crores of rupees from investors under various Ponzi schemes.

Sethi had been absconding after duped investors lodged complaints against him and the company. He had wrapped up his business and gone into hiding.

“The accused was arrested from Phulbani today. On the directions of the Supreme Court in Delhi, a case had been registered by the investigating agency against Zodiac Foundation under sections 420 of IPC and 3,4 and 6 of Prize Chits and Money Circulation Schemes (Banning) Act, 1978,” said a CBI release.

Zodiac Foundation, the chit fund company, is among 44 chit fund companies operating in Odisha against which the apex court had ordered a CBI probe in the multi-crore chit fund scam.